The Commerce Ministry announced that Venezuela expressed enthusiastic interest in increasing cooperation on critical minerals with India to attract investment. This was discussed in a meeting between Commerce and Industry Minister Piyush Goyal and Venezuelan Minister of Ecological Mining Development, Hector Silva, in Vishakapatnam, Andhra Pradesh.
During the meeting, Venezuela showed interest in enhancing economic engagement with India beyond the oil sector. Minister Piyush Goyal emphasizes the necessity of reactivating the India-Venezuela Joint Committee Mechanism, whose last meeting was held a decade ago. He stated that Oil and Natural Gas Corporation ONGC’s current operations in Venezuela, as part of Oil and Natural Gas Corporation, offer scope for collaboration in Mining and exploration.
He recommended that Venezuela consider adopting the Indian Pharmacopoeia to facilitate pharmaceutical trade and underscored opportunities for expanding cooperation in the automobile industry. In another statement, the ministry said that the National Industrial Corridor Development Corporation Limited, Logistics Data Services Limited, and the Andhra Pradesh government have signed a memorandum of implementation MOI to digitalise the logistics landscape in Andhra Pradesh by leveraging the United Logistics interface Platform (ULIP).
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According to the Part of the Initiative, an integrated digital platform will be developed and implemented to provide the government and private shareholders in Andhra Pradesh with real-time visibility into the state’s logistics operations and performance metrics. The platform’s goal is to enhance coordination, improve efficiency, and facilitate informed decision-making across sectors, allowing shareholders to access real-time information seamlessly.
